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Stacks Network (STX) market cap reclaimed $1 billion on Feb. 22, following a weeklong rally that saw it rise by 135%, according to CryptoSlate’s data.
In Dec. 2022, STX’s market cap dropped to as low as $285 million, coinciding with when the broader crypto market was recovering from FTX’s capitulation and the record-low trading value of Bitcoin (BTC).
However, STX has surged by more than 200% in 2023 following the increased demand for non-fungible tokens (NFTs) on BTC’s blockchain network.
Ordinals NFT could push Stacks to new highs: Matrixport
A Matrixport research report shared with CryptoSlate on Feb. 22 said STX could become a billion-dollar token.
The report noted the recent hype around Bitcoin NFTs and the attention it has brought to Stacks.
According to Matrixport, Bitcoin NFTs are not a new concept; however, the recent hype around them can potentially make “Stacks Network a multi-billion dollar token.”
The report highlighted how the Stacks network leverages Bitcoin’s high-level security to offer smart contract compatibility for the flagship digital asset ecosystem. It added that the L2 network is well-positioned to develop Bitcoin’s DeFi further.
Matrixport’s head of research Markus Thielen said:
“The full potential of the Stacks Network is beginning to get recognized which may fuel the STX token rally even further.”
NFT trading volume soars on Stacks network
Meanwhile, available data shows that Stacks-based NFT marketplaces’ trading volume has surged in the last 30 days.
According to Dappradar data, Gamma’s volume increased by more than 1000% in the last 30 days to over $300,000. Another marketplace tracked by Dappradar on Stacks Megapont rose 150% to around $100,000 during the same period.
The project’s co-founder Muneeb Ali noted that over 650,000 Bitcoin NFTs had been minted on the network, and the total value of assets locked within the smart contract has already crossed $250 million.
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